On March 27, 2020 the President signed The Coronavirus, Aid, Relief and Economic Security Act (CARES Act). The CARES Act includes many tax provisions that are intended to put cash flow in the hands of individuals and businesses.
Because many businesses face unparalleled economic uncertainty due to COVID‐19, Congress passed the CARES Act. The CARES Act provided relief for businesses and individuals. As we approach tax year end planning, business taxpayers should consider the following provisions:
- Net operating losses
- Excess business loss limitations
- Employee retention credit
- Delay of payment of employer social security taxes
- Qualified improvement property
- Business interest income
- Paycheck protection program (PPP)
- Families First Coronavirus Response Act (FFCRA)
- Section 139: Tax free reimbursement for COVID-19 expenses
- Election considerations for year-end tax planning
